As a business owner, you can find many sources of information on how to succeed. But not many of them tell you that you also need to be prepared to fail. When you run a business, you can often feel like you have something to prove. When you first start out, particularly if it is an unconventional business, there can be people who view your ‘business venture’ as a ‘phase’ or are negative about its potential success. So often there is pressure to always make sure business sound successful.
But there are very few business owners and entrepreneurs who have not failed at some point in the journey, in both big and small ways. Some experts will tell you that it takes several ‘falls’ (including complete business failures) to find success. And if you go into business ownership expecting success at every turn, you might want to shift your expectations!
This is not all doom and gloom! In fact, many experts will tell you that failure is quite possibly a requirement for success. We learn inherently more from ‘what not to do’ and most of us are highly motivated not to make those same mistakes again.
Risk is, of course, relative. That is, when you are 20 years old, single and have no mortgage, the failure of your business is perhaps not as dire as someone with three children and a long list of expenses. But here’s the clincher: every worthwhile thing in business (and life) has risk. The greater the reward, usually, the greater the risk.
So the key is not to dream about success, but to take some calculated risks and take steps to make it happen. And don’t expect that there will only be one risk – your business journey will require continual evaluation, and taking of, risk.
Michelle Grice writes a weekly column for business women in The Western Weekender
